RBA kept rates unchanged
The RBA kept rates unchanged and signalled that they are comfortable with rates here and that the 'gentle turning point' in the economy continues. That helped to send the AUDUSD higher into the London session.
However, the price high did find sellers near the high from Monday and last week (see blue circles). Sellers leaned and when the USDs rise became more of the story today, the price of the AUDUSD pair moved back down.
Technically, the price fell back below the 100 hour MA at 0.6901 (blue line) and has stayed below that MA since breaking (over the last few hours of trading).
However, the low for the move has run into support near an upward sloping trend line, the 38.2% of the move up from the October 25 low, and the swing high from October 22 and swing lows from Oct 31 and November 1. All that comes in around the 0.6883 area.
So a battle is on in the up and down session for the AUDUSD. The topside has the 100 hour MA at 0.69012 and the downside has the trend line, 38.2% and swing levels at 0.6883.
Look for action around the levels. A shove above or below should solicit more action in the direction of the break.
